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Engineer Gold Mines Ltd. (TSXV:EAU)
These shares have more than doubled in the past 12 months despite a lackluster performance in the overall mining sector .Low and sometimes negative interest rates have disrupted world money flows, with cash chasing the US Stock Markets and US / Canadian Treasury notes limiting cash availability for the precious metals markets.
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We believe that once again Gold will be King as world economies unwind either through calamity or government debt restructuring .Germany will be forced to absorb 3d tier government debt as the European banking system unwinds in a cooling economy. The run to gold is not far off. Engineer Gold has positioned itself nicely and we believe has the ” right stuff ” to endure the coming months, emerging as a miner in the spotlight .
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History Of Gold
Engineer Gold Dewaters Engineer Gold MineVancouver, B.C. – October 23, 2019. Engineer Gold Mines Ltd. (TSXV:EAU) (“Engineer Gold”, or the “Company”) announces the Company has successfully de-watered the entire Engineer Gold Mine and initiated an underground geological mapping and panel sampling program on the lowermost 8 Level. The Engineer Gold Mine 8 Level consists of a 1,067 metre network of historic drifts, stopes and crosscuts that provided the lowermost mill feed for the 100 tpd mining operation. This major milestone marks the first time the entire mine has been dewatered since commercial production ceased in 1927. Investors are referred to the Company’s website for recent maps and images of Engineer Gold’s exploration and mining personnel on 8 Level.
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The Company is also pleased to report it has engaged Mr. Darren O’Brien, P.Geo., to oversee the Engineer Gold Mine underground exploration program. Mr. O’Brien is the principle author of the Engineer Gold Mine NI 43-101 Technical Report (May 9, 2018) and has several years of surface and underground exploration experience at the Engineer Gold Mine.
High Grade Veins Persist at Depth
Engineer Gold’s underground work crews have established provisional air and water services on 8 Level and confirmed access to underground drifting and development on the Engineer Vein (193 metres), Jersey Lilly Vein (77 metres), the Double Decker Vein (63 metres) and the Shear A Zone (255 metres) drifts. Cursory inspection indicates the high grade Engineer and Double Decker Veins, which were selectively mined from surface, persist on the 8th Level. A total of 6 muck samples and 24 composite chip samples were collected from the Engineer, Double Decker and Shear A Zone and submitted for analysis to ALS Laboratories in Whitehorse, Yukon.
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Double Decker Vein
Historic channel samples from the Double Decker Vein on 8 Level defined a 24.7 metre segment averaging 38.03 g/t gold, including a 10 metre interval averaging 84.05 g/t gold over the width of the vein*. Current inspection confirms a historic 8 Level production stope along this high-grade mineralization measuring 42 metres in length and up to 10 metres high. In 2010 BCGold Corp. drill tested the dip extension of this zone 18 metres directly below this 8 Level stope, intersecting 22.32 g/t gold over 0.96 metres (including 67.15 g/t gold over 0.13 metres). The Vein has been identified in both stope faces, which strongly suggests a southward strike continuation. Engineer Gold collected 6 composite muck samples from within the stope workings for assay.
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* Engineer Gold Mine NI 43-101 Technical Report by D.O’Brien, P.Geo., M. Redfearn, P.Eng. and Dr. S. Dominy, FAusIMM(CP), FGS(CGeol) dated May 9, 2018.
Engineer Gold Vein
There are no historic channel sample results from the Engineer Vein on 8 Level however visual inspection confirms a vuggy quartz/calcite vein ranging in thickness from 0.40 metres to 0.70 metres occurs in proximity to a highly altered mafic dyke, similar to that observed in the 5 Level Bonanza Zone. Engineer Gold collected 9 chip samples along a 35 metre strike length of the Vein.
Jersey Lilly Vein
The Jersey Lilly Vein has been identified on 8 Level within a 77 metre long drift. Preliminary inspection indicates the vein varies from 0.10 metres to 0.60 metres in width. The Jersey Lilly Vein has been traced from surface to 8 Level of the Engineer Gold Mine by surface trenching and drifting on 5 Level and 8 Level. While no commercial production is evident, vein textures, morphology and a limited number of historic chip sample results suggests discrete high-grade gold shoots may occur within the structure.
Shear A Zone
Historic drifting of the Shear A Zone is measured to be approximately 255 metres. A total of 16 composite chip samples were collected along a 100-metre drift to date. The Shear A Zone is associated with intervals of pervasive silicification and vuggy, massive quartz-calcite veining within a sheared argillite-hosted structure.Diamond Drilling UpdateSurface drilling continues on the Engineer Gold Property. A total of 10 holes have been completed in 1,618 metres of drilling to date, testing a number of shallow exploration targets north and south of the Engineer Mine workings, including the Jersey Lilly Vein, TMI, BC MMI anomaly, Hub A, Hub B zones and the Shaft – Boulder/Governor Veins. Most holes have intersected numerous quartz and quartz/calcite vein structures known to be favorable for gold and silver mineralization at the Engineer Gold Mine. Results will be reported when available.
Messrs. Darren O’Brien, P.Geo., and Scott Dorion, P.Geo., ‘Qualified Persons’ (Q.P.s) as defined under Canadian National Instrument NI 43-101, have overseen the underground and surface exploration programs, respectively, prepared and reviewed technical aspects of this news release.
About Engineer Gold Mines Ltd.
Engineer Gold is focused on the exploration and development of the 100%-owned, 14,020 ha Engineer Gold Mine Property, centered on the Historic high-grade Engineer Gold Mine situated 32 km southwest of Atlin, B.C. Previous work has identified a small, Inferred high-grade gold Mineral Resource, numerous high-grade vein and shear-hosted bulk-tonnage gold exploration targets and a modest, high-grade gold production opportunity. Engineer Gold is fully permitted for surface and underground exploration drilling, small-scale test mining and on-site milling at the Engineer Gold Mine Property.
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